| With the development of economy, the enterprise ownership and management rights of the modern enterprise system has been separated, due to CEO in the separation of two rights system. As the intangible assets of the enterprise manager CEO, refers to the daily operation and management activities of enterprises responsible, so managers reputation and enterprise reputation are more and more closely linked, and the more closely, the more inseparable. Because CEO play a decisive role in the enterprise, society and media pay more attention to the CEO, the CEO exposure and attention has been increasing year by year. From kinds of media such as magazines, newspapers, television traditional media and so on to today’s highly developed media network, we can frequently seen relevant reports about the CEO of company. For some well-known large companies, managers behavior is very important. Bill Gates is the symbol of Microsoft, Jobs is a symbol of a glorious era of apple, Zhang Ruimin is a postcard of Haier company. So CEO for the company, as a business card, represents the company’s reputation and image, and even affects the company’s influence. The positive behavior of CEO can lead the enterprise to success and glory, the negative behavior of CEO can also make an enterprise a loss of public trust, and cause for enterprises to make up for the loss. In recent years, affected by the national macro policy guidance, perk as part of a manager’s salary get more and more public attention, and the impact on the enterprise has received extensive attention of scholars.Based on the background above, the writer chose the main board of the Shenzhen A shares of listing Corporation as the research object, using Baidu news to search manager exposure times to measure CEO reputation, and analyzing the effects of CEO reputation on the perk and the value of the company, and perk plays mediating effect between CEO reputation and the value of the company’s. This study is divided into six parts:The first part, introduction. Mainly according to the relevant domestic and foreign managers reputation, perks in real life, the impact on the company leads to the research content, proposes the research background of this paper, and the significance of this research is expounded from two aspects of theory and reality, and overview research methods and thesis structure of this paper.The second part, reviews of the literature. It mainly reviews research about CEO reputation, perks and the value of the company until now and research about the relationship between CEO reputation, perk and the value of the company.The third part, related theories and assumptions. It refers to the separation of two rights theory, the principal-agent theory and incentive theory in the paper, and on the basis of theoretical analysis, it put forward the hypothesis.The fourth part, research and design on the sample selection and data source of this paper, and determine the set variable.The fifth part, the inspection and analysis of the empirical results. The sample data were analyzed with descriptive statistics, correlation test and multiple regression analysis, to test3hypotheses proposed in this paper.The sixth part, conclusion and suggestion. The main conclusions of this study are summarized, and put forward the relevant policy suggestions, and points out the shortcomings of the study on the future direction of further research.The contribution of this paper is that it studys on the relationship between CEO reputation and perk, which from the angle of moral evaluation measure CEO contrary to their occupation moral, misappropriation of corporate interests through perks, and it explore that if perk plays the inhibitory effect of reputation system; it study the relationship between CEO and firm value,and that the reputation as an incentive system one making the management in corporate governance is more effective and convenient utility, to enhance the value of the company; It also study on mediating effect of perk, mechanism to explore the CEO reputation effecting on the firm value.The innovation of this paper lies in, first of all, research from the perspective of extended CEO reputation,and it test that whether the CEO reputation can operation instead of explicit contract management, in order to provide perk new ideas restrain enterprise. Secondly, it enrichs the research about incentive executives incentive theory; Incentive theory as a branch of the principal-agent theory, provides the theoretical basis for the formulation of a complete agent contract mechanism. This paper investigates the relationships between CEO reputation as implicit incentive and the perk as recessive salary, as well as the impact on the company value, and provides a new perspective for the study of executive incentive. Again, the choice of data in time. In this paper. data from the2011-2013A shares on the Shenzhen Stock Exchange listing Corporation. After18th CPC National Congress, punish corruption, clean fingered politics has become a social issue, management reputation and perk has become a new hotspot of society, this paper selects the data of nearly three years. comparing with previous literature data,it is more convincing, and can reflect the action mechanism between today’s political environment CEO reputation and perk and the value of the company.Of course, this paper also has some deficiencies. How to define the CEO reputation variables? Academic circles have not a unified standard. This paper use the media exposure to measure, doing a statistical measure on the report negative, but there are still the subjectivity, which is inevitable, and I hope can solve this problem. |
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